Home > Press > Major Economic Development Milestone Announced to Spur Nanotechnology-Enabled Investment and Growth in the Mohawk Valley

Abstract:
Signing of Project Development Agreement will jump-start critical infrastructure and access projects to advance Marcy NanoCenter at SUNYIT

Major Economic Development Milestone Announced to Spur Nanotechnology-Enabled Investment and Growth in the Mohawk Valley

Marcy, NY | Posted on May 14th, 2010

Assemblywoman RoAnn M. Destito (D-Rome) today announced the signing of a Project Development Agreement (PDA) that will pave the way for the start of infrastructure and access work for the Marcy NanoCenter at the State University of New York Institute of Technology (SUNYIT), a major milestone that marks a critical step forward in the development of the 300-acre high-technology site in Marcy.

The signed PDA lays the groundwork for development of the SUNYIT campus acreage west of Edic Road through an agreement among Mohawk Valley EDGE, the State University of New York and the SUNY Research Foundation.

Assemblywoman Destito said, "This Project Development Agreement is an extremely important blueprint that we will use as we continue developing the Marcy nano site both in the private sector and on the public side, growing our SUNYIT campus into one that will support the semiconductor industry here in the Mohawk Valley region."

Included in the PDA is the formation of Fort Schuyler Management Corporation (FSMC), which was modeled on the College of Nanoscale Science and Engineering (CNSE) of the University at Albany and the Fuller Road Management Corporation (FRMC), a not-for-profit entity established to manage the nanotechnology facilities at CNSE's Albany NanoTech Complex. SUNYIT and CNSE announced a wide-ranging public-private nanotechnology partnership in 2009.

"This innovative partnership, which combines the exceptional leadership and pioneering vision of Speaker Silver, Assemblywoman Destito and the New York State Assembly with the strong collaboration between SUNYIT and the UAlbany NanoCollege, will enable leading-edge technologies, pioneering education and workforce training, and high-tech economic opportunity and growth," CNSE Senior Vice President and CEO Dr. Alain Kaloyeros said. "With the Project Development Agreement now in place, we look forward to working cooperatively to bring private nanotechnology jobs, companies and investment to the Utica-Rome area."

"Taking the next step in our partnership with CNSE is an important development for SUNYIT and for our region," SUNYIT President Wolf Yeigh told the gathering. "With the signing of the Marcy NanoCenter at SUNYIT Project Development Agreement, we are seeing concrete evidence of the tremendous promise these developments hold for the regional economy."

Several of the steps identified by the SUNY Board of Trustees in 2009 as necessary for the development of the SUNYIT site are addressed in the PDA, including:

• A long-term ground lease so that the SUNY-owned nanotech site can be controlled by a not-for-profit entity, FSMC, created by the SUNY Research Foundation and the SUNYIT Foundation.• A sub-lease between FSMC and Mohawk Valley EDGE so that EDGE can market the site and oversee initial site work, facility design and construction, with an end-user replacing EDGE as the sub-lessee that would make long-term lease payments to FSMC.• Initial payments from EDGE totaling $4.2 million to FSMC, which will use the funds to support and enhance the mission of SUNYIT, including emerging technologies and programs such as nanotechnology.